1. Pay yourself first.

If you’re like many people, when you get your paycheck, you pay your bills, maybe do a little shopping or go out for the weekend, then find there’s just not enough money left over to put in a savings account.

The phrase “pay yourself first” is one of the most important concepts in personal finance because it solves this problem — when you’re paid, treat yourself like your most important creditor and funnel money into your savings accounts before spending money on anything else, including bills.

You will make your savings goals the top priority, reaching them faster while still meeting your other financial obligations.

3. Understand the difference between "want" and "need."

There is a big difference between the things we want and the things we need, though sometimes it’s hard to separate the two.

The things we truly need are the basic necessities in modern life: Food, shelter, clothing, transportation and communication (like a phone).

Once all these necessities are fulfilled, all else is considered a want — even if that want is so strong, it feels more like a need.

That’s not to say you shouldn’t buy the things you want, but properly identifying the difference between a want and a need will help you prioritize spending and stick to a budget that will eliminate excessive wants and put more money toward needs.

4. Stop competing with others and be happy with what you have.

People who spend their time and money attempting to live the lifestyles of others will never be truly happy or find true wealth.

Buying the latest tech gadget or designer may make you superficially happy for a short time, but trends always change and you’ll never be able to keep up. Just imagine what you can do by saving the money instead.

6. Never pay full price when you don't have to.

If you’re the type that likes to go camping, snowboarding or participate in seasonal activities, you’ll see that you can get the best deals during the off season.

Buying gear can really add up and become very expensive, but for the best prices, try buying before or after the season starts.

Many companies who exclusively sell seasonal items will allow up to 80 percent discounts on all items. Next time you plan activities, keep this in mind — it will help you save a great deal and allow you to enjoy what you love to do.